Raleigh, N.C.–based Captrust Financial Advisors announced on Tuesday a minority investment by Carlyle.

Terms of the deal were not disclosed.

Founded in 1997, Captrust began an aggressive acquisition strategy in 2006 and has since completed nearly 70 deals. Three years ago, the firm announced it sold a 25% stake to private equity firm GTCR—based on a valuation of $1.25 billion—after completing 40 transactions and amassing around $390 billion in assets. Since that sale in 2020, Captrust has added 29 firms and its valuation has increased to over $3.7 billion.

In a statement, Jim Burr, head of global financial services at Carlyle, said Captrust “has the unique position of leveraging its size and scale to benefit not only clients but also to benefit the communities it serves.”

Neither GTCR nor any of Captrust’s executive leadership teams will be selling secondary shares as part of this latest transaction, according to the company. Fielding Miller, Captrust’s CEO, will continue to lead the firm and will remain the largest individual shareholder.

Captrust offers investment advice, financial planning, estate planning, tax advice and compliance services to individuals and families, as well as additional services to retirement plan sponsors, endowments, foundations and religious entities. The firm has nearly 1,500 employees across 85 locations nationwide. As of June 30, the firm oversees over $832 billion in assets, including just over $688 billion in nondiscretionary assets under advisement, and just over $143 billion in discretionary managed account assets.

Carlyle is a global investment firm with $385 billion of assets under management as of June 30. The company has over 2,200 employees in 29 offices across five continents.

Ardea Partners served as exclusive advisor to Captrust. Alston & Bird served as Captrust’s legal counsel. J.P. Morgan served as lead advisor to Carlyle. Simpson Thacher & Bartlett served as Carlyle’s legal counsel. Kirkland & Ellis LLP served as legal advisor to GTCR.

A company spokesperson did not respond to additional requests for comment.

Leave a Reply

Your email address will not be published. Required fields are marked *